TD Power Systems raised Rs 599.99 cr by issuing 77.42 lakh shares at Rs 775 each via a QIP that closed on Oct 12.

A QIP, or qualified institutional placement, lets a listed company raise money by selling shares straight to big institutions such as mutual funds. It skips the public offer. TD Power Systems chose that route.

The company allotted 77,41,935 shares at Rs 775 apiece. That price sits 0.05% below the floor price of Rs 775.35, a gap of 35 paise per share. The floor price follows SEBI rules. The issue opened on 7 October.

The new shares lift the company’s paid-up share capital from Rs 31.37 crore to Rs 32.14 crore, an increase of about 2.5%. Each share has a face value of Re 1, so the company now has about 77.42 lakh more shares outstanding.

Mutual funds dominate the buyer list. Axis Mutual Fund, Canara Robeco Mutual Fund and ICICI Prudential each received 10,32,258 shares, or 13.33% of the issue.

Mirae Asset took 8.33%, Aditya Birla Sun Life Mutual Fund took 5.83% and Bandhan Mutual Fund took 5.00%.

One name stands apart. Societe Generale, which came in through offshore derivative instruments, picked up 5.67% of the issue.

It is the only non-mutual fund among the seven investors who each got more than 5%. Together, those seven hold about 65% of the issue.

TD Power Systems was incorporated in 1999 and has its base in Bengaluru.

It designs and makes AC generators and electric motors, and it sells them in India and abroad.

Its generators go into steam, hydro, gas and wind turbines, as well as diesel and gas engines.

It also holds a licence from Siemens AG for two-pole generators from 55 MW to 200 MW.

According to its investor presentations, the company has built more than 6,000 generators since it began and has shipped them to 103 countries.

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